Representatives of the biggest cryptocurrency exchange Binance announced the upcoming changes to the service for customers in Singapore. At the end of this October, the trading platform will close a number of earlier given services for them.
The blocking of access will affect deposits in the equivalent of fiat currencies, spot trading of crypto assets, as well as their purchase using fiat channels and the Liquid Swap service.
In reporting future restrictions, the Binance team advised customers to take care of the withdrawal of personal funds from the trading platform in advance in order to avoid possible claims against the exchange in the future and “monetary disputes”.
Presently, the MAS put the crypto exchange on the "list of warnings for investors." So the monetary regulator, in fact, publicly relinquished responsibility for monitoring the platform's activities and the associated risks for local investors.
After the declaration of the Singapore finance department, Binance not only declared the removal of trading pairs with the Singapore dollar but closed the country's citizens' access to the official mobile application of the exchange on Google Play and the App Store.
Netizens began to wonder if this step means that now blocked services will be provided through the regional platform Binance.sg. But at the moment, detailed information about this has not appeared. Although in an interview with The Block, the site's representative clarified that Binance.com and Binance.sg are completely different platforms. In the latter case, he said, the team applied for a license, in accordance with local legislation, but has not yet received formal approval.
Meanwhile, Changpeng Zhao advised Singaporeans to use the services of the regional platform as soon as it gets a license. He also added that they are unable to establish their own rules and can only follow them.
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